Important tips for managing your business
Tuesday 28th May 2019
You can have a business-related degree and have read all the bestselling books on starting and running businesses, yet so do a lot of managers in the 95% of start-up businesses who fail within their first 5 years. Of course, putting your learning into practice is a step in the right direction, but it's important to continue learning and developing your skills after you've got your first business running. No matter how well thought-out your plan may be, obstacles and problems can still arise from day-to-day or week-to-week, but often, we forget to look inwardly at our business and ourselves and our employees. So, here are some simple, but very important tips to remember for managing your business:
A lot of problems start at the management level
So, if things aren't going as well as you as expected in your business, you should, first and foremost, look at your own performance. How well are you managing your finances? Are you communicating clearly with others? Are you being realistic? It's incredibly important to know when to hold yourself accountable. That way, you can seek ways to overcome similar obstacles in future and become a much better manager as a result.
Hiring and firing employees
Hiring and training staff can expensive and time-consuming, but hiring the right employee can do wonders for you and your business in the long term. On the flip-side of things, if one of your employees are underperforming and you're completely sure they're the problem, it should be addressed as soon as possible. Firing staff can be difficult, but should they continue to perform badly, it's a necessary action for your business to thrive again.
Business is maths
Know your finances inside and out, keep spreadsheets and update them regularly. There's nothing worse than not knowing where your money is going, so it's important to be able to keep track of it and identify any problems should they arise. In addition to this, it's important to know where your business is performing best and to know you can be financially sound should your best client or customer choose to go elsewhere.